November 21, 2018 / 12:40 PM / a month ago

Energy, materials shares fuel TSX gain

(Reuters) - Canada’s main stock index rose in a broad-based rally on Wednesday, as oil prices rebounded from one-year lows boosting energy shares, while higher gold prices aided gains in shares of precious metal miners.

FILE PHOTO: Businessmen pass the Toronto Stock Exchange sing in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren

The energy sector rose 1.8 percent as U.S. crude prices were up 2.4 percent per barrel, while Brent crude added 1.7 percent.

The materials sector, which includes precious and base metals miners, gained 1.3 percent as gold further rose on a softer dollar, boosting shares of precious metal miners.

All 11 of Canada’s major sectors were higher, led by the healthcare sector’s 3.4 percent gain.

At 20:29 a.m. ET (14:59 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 119.11 points, or 0.8 percent, at 14,996.11.

However, domestic data showed that Canadian wholesale trade edged up by 0.5 percent in September from August, as weaker sales in the machinery, equipment and supplies subsector led the fall.

Bombardier Inc rose 5 percent, the most on the TSX, after the planemaker said it would cut 490 jobs at its Belfast operations.

First Quantum Minerals Ltd was the second biggest gainer on the TSX, up 5.6 percent.

On the TSX, 208 issues were higher, while 29 issues declined for a 7.17-to-1 ratio favoring gainers, with volume touching 36.85 million shares.

Ensign Energy Services fell 1.5 percent, the most on the TSX, while the second biggest decliner was Alaris Royalty, down 1.2 percent.

The most heavily traded shares by volume were Bombardier Aurora Cannabis and Crescent Point Energy Corp

The TSX posted one new 52-week high and three new lows.

Across all Canadian issues, there was one new 52-week high and 24 new lows, with total volume touching 53.63 million shares.

Reporting by Agamoni Ghosh; Editing by James Emmanuel

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